- Finance Denmark chose SurePay to deliver a nationwide Verification of Payee (VoP) service that matches recipient names to IBANs in real time to cut fraud and misdirected payments.
- Denmark is moving ahead of the EU Instant Payments Regulation timeline, which requires VoP by October 2025 in the euro area and by 2027 for non-euro countries.
- SurePay is a proven provider with 9B+ VoP checks since 2016, 200+ financial-institution clients, and deployments across Europe with Swift-enabled cross-border support.
- The rollout makes Denmark the first Nordic and first non-euro EU member to implement a nationwide VoP scheme, strengthening payment safety and regulatory readiness.
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On April 24, 2025, Finance Denmark, the representative body for Danish banks, mortgage providers and financial institutions, officially selected fintech firm SurePay to deliver a nationwide Verification of Payee (VoP) service. This service is designed to match recipient names with IBANs in real time, helping to prevent payment fraud and errors.
This decision represents a forward-leaning compliance strategy. While the EU Instant Payments Regulation mandates VoP across Eurozone countries by October 2025, non-Euro countries such as Denmark have until 2027 to comply. Denmark’s decision to implement VoP ahead of this deadline reduces its regulatory tail risk and positions its financial sector competitively.
SurePay’s credentials were central to its selection: more than nine billion name-to-IBAN checks completed since 2016, service to over 200 financial institutions, and modern fraud prevention and real-time verification capabilities. The company was also recently chosen for the VoP rollout in Belgium, its first Eurozone implementation.
From a strategic perspective, Denmark becomes the first non-Euro and first Nordic country to deploy a nationwide VoP solution. This elevates its payments infrastructure and may provide cross-border spillover effects (e.g. aligning with Belgian and Dutch institutions). It also tightens safety for consumers and banks, potentially lowering costs tied to fraud and misdirected payments, and could influence how firms address regulatory readiness across Europe.
However, implementation risks remain: matching accuracy, system integration (e.g. with Swift and domestic banking systems), computing load (for single and batch payments), stakeholder coordination, and managing possible disputes when name-IBAN mismatches occur. Additionally, the transition could impose costs for banks, both operational and technical, which may require offsetting. Open questions also include how extended data services (risk detection, business/government verification) will be priced and scaled, and how consumer experience will be managed – for example, messaging when VoP fails or when a match is incomplete.
Supporting Notes
- On 24 April 2025, Finance Denmark selected SurePay to run a national VoP service.
- VoP checks whether a recipient’s name matches the IBAN, helping to reduce impersonation fraud and misdirected payments.
- The EU Instant Payments Regulation makes VoP mandatory as of October 2025 for Euro-area, and by 2027 for non-Euro states; Denmark is implementing ahead of the non-Euro requirement timeline.
- SurePay has processed over nine billion VoP/IBAN-name checks since its founding in 2016, and is used by more than 200 financial institutions.
- Danish banks will gain additional capabilities through the partnership, including risk detection, Swift integration, and verification services for business and government use.
- Denmark becomes the first Nordic country to implement VoP at scale and the first non-Euro member state to do so ahead of the 2027 deadline.